What’s the likelihood of winning this property at auction?
My husband and I are going to the courthouse in another month to bid on a condo in a fast growing area. The judgment is $25,000. From what I see on all of the real estate search sites, the value is anywhere from $120K to $140K. Rents for this area and caliber of unit goes for $1100-$1200.
We’ve been to a couple of foreclosure auctions and in my experience it seems like the lender will always buy it back or the winning bid will be closer to the estimated value of the property.
Am I crazy to think that winning it at the judgment or close to it is an option? Does anyone have experience with winning an auction at the judgment price? Thank you.